Following the release of the 2023 Retirement Voice report, we caught up with Standard Life for further insight on the findings.
Can you give us a quick summary of the report?
For the third running, Standard Life has commissioned an independent research study to understand how people feel about their finances, pensions and retirement plans. The Standard Life Retirement Voice report shines a light on people’s ability to save for retirement – and how they feel about the decisions they need to take to plan for their financial futures, while exploring the impact of the current challenging economic environment on their plans.
Why is Standard Life conducting this research and why are these findings of particular importance at this time?
The study helps provide a snapshot of financial attitudes and behaviours in the UK while showcasing year-on-year trends. With the UK going through a sustained period of high inflation and the sharpest period of rising interest rates for a generation, our research seeks to understand how people are feeling about their financial futures and how the current economic and social environment is shaping their attitudes and behaviours to saving. Nine in 10 people said income certainty in retirement is important to them, but many are falling short of what’s needed to secure it at a level that will sustain them in retirement and unfortunately, they don’t know where to go for the advice and guidance they need to get back on track.
Tell us about the most surprising facts/headline stats to come out of the report?
Age 36 is the magic number at which people start to look to the future and begin to actively plan for their retirement. Our findings show that people start to take a keener interest in their retirement planning when they reach 36 while more than half of retirees today wish they had started planning for their life after work earlier, reflecting that among baby boomers, retirement considerations occur later at age 49. This perhaps suggests the new reality of individual responsibility for later life income provision has started to sink in among younger generations, prompted by auto-enrolment and digital engagement.
Are there any actions/ next steps that could be taken by the financial services industry or government in response to the report’s findings?
A clear theme through the report is the need for greater access to financial education and affordable financial advice and guidance that’s personal, relatable and engaging. We await the conclusions of the current FCA consultation into the advice/ guidance boundary with interest.
Do you have any case studies relating to this report for journalists to use? If so, how can they get in touch to arrange using these?
We have a case study who has started retirement planning in their mid-thirties.
For further information, please contact
James Merrick, PR Consultant, Standard Life, Phoenix Group
Samantha Griffith, PR Consultant , Standard Life
Full report: Retirement Voice 2023